McAllister said none of his personal finances or other business interests have been affected. He also is part owner of a luxury vehicle dealership in Jackson.

By filing for bankruptcy, the dealership can maintain its full staff and inventory while exploring other options, such as obtaining a loan or selling equity positions.

"It's really just how the market is determining things," said McAllister, who joked that if it was any other individual or company, it wouldn't make for much of a story. "It just gives us an opportunity and buys us some time to reorganize."

According to The Associated Press, Nissan's financing arm claimed McAllister defaulted on a deal then exceeded his credit line. Nissan said the dealership owes more than $6.6 million and nearly $300,000 in interest, but that figure includes the cost of all the cars on the lot.

As for his day job, McAllister said he has fielded interest from other teams since being released by the Saints last month. But he still is rehabbing from an arthroscopic surgery he had on his left knee after the season to clean up scar tissue and cartilage.

McAllister said he's hoping to be able to work out for teams this month.